As business owners ourselves, we love helping others in business whenever we can. You could learn from our mistakes… if we made any… just kidding! If you’re like us, you’ve got some strategic business goals for 2021. We’ve got some tips for making good ones!
Prepare before you run your goal-setting exercise
Make sure you understand your competitive landscape first and identify who will be involved in the process.
- SWOT analysis
Not just for the companies in your industry, but the field itself. This can change very quickly in the modern environment, so you may not be able to rely on an analysis you ran last year or earlier. Use it as a starting point, but not the ending.
Compare both internal and external to see where you land.
- Ask employees
Not only do your workers have great ideas, but the more they’re involved in the goal setting the more likely they are to work to achieve them. They own the goals when they’ve participated in creating them.
- Who’s involved
Depending on the size of your company, you may only want to involve middle or senior managers in the exercise.
Setting your goals
- Mission and values
Make sure that the goals tie back to your core principles.
Make sure your goals are Specific, Measurable, Achievable, Relevant and Time-based. These characteristics make it more likely your organization will be able to meet them.
- Who’s involved?
What resources will you need to achieve the goals, and who will be responsible for making sure they’re achieved?
Aftercare for your goal setting process
As you know, setting the goals aren’t enough – you have to implement them too!
- Track progress
Make sure you are keeping an eye on how things are going and that you’re staying on course.
- Communication, communication, communication
Let everyone in the organization know how it’s going, good and bad. Help the whole team feel that they have a stake in the outcome.
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